Small lenders believe the GSEs should offer special programs for small servicers and rural appraisals. And like their larger competitors, they don’t like the new PSPAs.

Fannie and Freddie spell out eligibility terms in the wake of the amended PSPAs.

Industry insiders argue over whether the credit-risk transfer programs are overpriced catastrophic insurance for the GSEs or a cheap form of capital.

Several of the regulatory and management measures undertaken to mitigate the impact of the pandemic are slowly being eased. Is that a sign markets are improving?

Out of the $3.158 trillion unpaid principal balance in Fannie’s population of outstanding MBS, $201.3 billion would be eligible for a refi under the new program.

Even though the GSEs actively support small lenders on the single-family side of the house, critics say their multifamily businesses continue to favor larger financial institutions.

The GSEs’ aversion to projects that include transient rental income has riled investors and second-home buyers in some resort communities.

The program will be rolled out to GSE borrowers with incomes at or below 80% of a geographic area’s median income. One stipulation: no more than one missed payment in the past 12 months.

FHFA says appraisal waivers may subside after the agency reviews comments in its outstanding RFI. However, the cash window caps may be here for a while.

Fannie and Freddie hope to repeat their success with green multifamily MBS on the single-family side of the business. They’re also expanding their ESG offerings into social and sustainable bonds.